The occurrence of the Great Depression offered evidence that supported
a. the classical theory of economics
b. the need for the government to practice the policy of laissez faire
c. the need for the government to control prices
d. Congress to take action to stop rising prices
e. the Keynesian idea that the government needed to guide the economy
E
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A tax on cigarettes:
A. increases total surplus. B. increases efficiency in the market. C. will increase both total surplus and efficiency in the market. D. like any tax, will always reduce surplus and efficiency in markets.
The unemployment rate and the level of aggregate output are negatively related.
Answer the following statement true (T) or false (F)
An increase in personal income taxes would shift AD to the:
A. Right because C will increase B. Left because C will decrease C. Right because G will increase D. Left because G will decrease
Twenty-four years before CUSTA, another agreement between the same countries covered trade in
A) textiles. B) steel. C) autos. D) agriculture. E) telecommunications.